ITW Reports a 25 Percent Decrease in Operating Revenues for Three Months Ended April 30, 2009
GLENVIEW, Ill., May 15, 2009 -- Illinois Tool Works Inc. today reported an operating revenue decrease of 25 percent for the three months ended April 30, 2009. The revenue decline for the three months was due to a 23 percent decrease in base revenues and an 8 percent decline in contributions from currency translation. Acquisitions contributed 6 percent to revenues in the three month period. The Company's base revenues appear to be stabilizing as core revenues have been in a range of -21 percent to -25 percent for the past four months of January through April.
On a segment basis, the Company's three month moving average percentage change for operating revenues, comprised of base revenues, acquisitions/divestitures and currency translation, is provided below.
The Company continues to forecast second quarter 2009 diluted income per share from continuing operations to be in a range of $0.25 to $0.37. The 2009 second quarter forecast range assumes a total revenue improvement of 5 percent to 11 percent compared to the first quarter of 2009. The forecast also excludes any contribution from the Decorative Surfaces segment that was returned to continuing operations on May 8. The Company opted to retain these high-pressure laminate businesses given the continued weak acquisition market conditions and the premium value of these businesses. The Company expects to provide updated forecast data, including the Decorative Surfaces segment, in June.